ABA Chief Economist James Chessen said the figures are the latest sign that the U.S. economy is experiencing the worst recession since the mid 1970s.
"Clearly, we are seeing a rapid economic decline in all regions and in most business sectors," Chessen said. "It's a steeper downslide than in previous recessions because consumers are saving more and spending less."
Credit card delinquencies increased from 4.20% to 4.52% but remain near the four-year average of 4.47%. Chessen said the ability of cardholders to adjust their monthly payments-unlike other loans with fixed payments-has helped keep credit card delinquencies relatively stable.
Home equity loan delinquencies also rose 40 basis points to 3.03% of accounts, setting a new record. Home equity lines of credit delinquencies also reached a new record, rising 31 basis points to 1.46%. Every category saw rising delinquencies except mobile home loans. The ABA report defined delinquency as a payment 30 days or more overdue.